Robinhood is broadening the scope of its rapidly growing prediction markets product by introducing parlay betting capabilities for multiple NFL games. This development positions Robinhood in direct competition with traditional sportsbooks. Beginning Tuesday, users can engage in trades involving pre-set combinations of game outcomes, totals, and spreads for individual NFL matches. By early 2026, they will be able to create custom combinations of up to ten outcomes across various NFL games, offering a format akin to parlays, according to JB Mackenzie, Robinhood's VP and General Manager of Futures and International, who spoke to CNBC.
The platform further lets users make real-time wagers on individual NFL players' performances, including prop bets for touchdowns and specific yardage. Mackenzie emphasized, 'This was a great opportunity for us to really be able to become the leader in the space, and that's what we're working to do.' He added that Robinhood aims to enhance customer experiences by providing new, advanced order types and trading capabilities.
These new features were announced at Robinhood's 'Robinhood Presents: YES/NO' keynote event at the Summit Skywalker Ranch, near San Francisco. Robinhood is considering extending the parlay feature beyond the NFL, exploring combinations across different event categories, including non-sporting areas like economic data.
Mackenzie hinted at future possibilities, asking, 'Is there interest to pair assets from different classes together?' as Robinhood explores events related to climate and elections. The company has solidified its role in prediction markets since before the 2024 presidential election, initially offering contracts related to political figures. Its partnerships with ForecastEx and prediction market operator Kalshi, alongside a joint venture with Susquehanna International Group, have fueled its expansion.
Robinhood's prediction markets have become a lucrative business, generating annualized revenue of $100 million with over 11 billion contracts traded by more than one million customers. It's poised to become a $300 million business, seeing November as its biggest month with over 3 billion contracts traded.
Piper Sandler identifies significant growth potential in Robinhood's prediction markets, aligning with Mizuho analyst Dan Dolev's views on user interest providing 'lots of upside.' A recent survey highlights Robinhood's traction in the market as a Gen-Z preferred platform.